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Side-by-side financial comparison of REINSURANCE GROUP OF AMERICA INC (RGA) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
REINSURANCE GROUP OF AMERICA INC is the larger business by last-quarter revenue ($6.6B vs $6.2B, roughly 1.1× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs 7.0%, a 20.4% gap on every dollar of revenue. On growth, REINSURANCE GROUP OF AMERICA INC posted the faster year-over-year revenue change (26.6% vs 3.2%). Over the past eight quarters, REINSURANCE GROUP OF AMERICA INC's revenue compounded faster (2.3% CAGR vs 1.7%).
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
RGA vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $6.6B | $6.2B |
| Net Profit | $463.0M | $1.7B |
| Gross Margin | — | — |
| Operating Margin | 7.7% | 39.5% |
| Net Margin | 7.0% | 27.4% |
| Revenue YoY | 26.6% | 3.2% |
| Net Profit YoY | 212.8% | 4.6% |
| EPS (diluted) | $6.91 | $2.87 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $6.2B | ||
| Q4 25 | $6.6B | $6.1B | ||
| Q3 25 | $6.2B | $6.2B | ||
| Q2 25 | $5.6B | $6.2B | ||
| Q1 25 | $5.3B | $6.0B | ||
| Q4 24 | $5.2B | $6.1B | ||
| Q3 24 | $5.7B | $6.1B | ||
| Q2 24 | $4.9B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $463.0M | $1.8B | ||
| Q3 25 | $253.0M | $1.8B | ||
| Q2 25 | $180.0M | $1.9B | ||
| Q1 25 | $286.0M | $1.6B | ||
| Q4 24 | $148.0M | $1.8B | ||
| Q3 24 | $156.0M | $1.7B | ||
| Q2 24 | $203.0M | $1.7B |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 7.7% | 39.5% | ||
| Q3 25 | 5.2% | 40.8% | ||
| Q2 25 | 6.1% | 41.0% | ||
| Q1 25 | 7.0% | 39.3% | ||
| Q4 24 | 4.3% | 41.3% | ||
| Q3 24 | 3.8% | 39.7% | ||
| Q2 24 | 5.5% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 7.0% | 30.4% | ||
| Q3 25 | 4.1% | 28.6% | ||
| Q2 25 | 3.2% | 30.5% | ||
| Q1 25 | 5.4% | 27.0% | ||
| Q4 24 | 2.8% | 28.8% | ||
| Q3 24 | 2.8% | 27.4% | ||
| Q2 24 | 4.2% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $6.91 | $3.12 | ||
| Q3 25 | $3.81 | $3.01 | ||
| Q2 25 | $2.70 | $3.15 | ||
| Q1 25 | $4.27 | $2.70 | ||
| Q4 24 | $2.21 | $2.91 | ||
| Q3 24 | $2.33 | $2.75 | ||
| Q2 24 | $3.03 | $2.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.2B | $735.0M |
| Total DebtLower is stronger | $5.7B | — |
| Stockholders' EquityBook value | $13.5B | — |
| Total Assets | $156.6B | $69.6B |
| Debt / EquityLower = less leverage | 0.42× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $4.2B | $1.3B | ||
| Q3 25 | $4.6B | $808.0M | ||
| Q2 25 | $5.4B | $1.1B | ||
| Q1 25 | $5.2B | $1.4B | ||
| Q4 24 | $3.3B | $1.0B | ||
| Q3 24 | $5.2B | $947.0M | ||
| Q2 24 | $4.6B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $5.7B | $30.3B | ||
| Q3 25 | $5.7B | $30.3B | ||
| Q2 25 | $5.7B | $30.3B | ||
| Q1 25 | $5.7B | $30.6B | ||
| Q4 24 | $5.0B | $29.8B | ||
| Q3 24 | $5.1B | $29.8B | ||
| Q2 24 | $5.1B | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $13.5B | $18.5B | ||
| Q3 25 | $13.0B | $17.3B | ||
| Q2 25 | $12.1B | $16.3B | ||
| Q1 25 | $11.4B | $16.0B | ||
| Q4 24 | $10.8B | $16.9B | ||
| Q3 24 | $11.1B | $16.6B | ||
| Q2 24 | $9.7B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $156.6B | $69.7B | ||
| Q3 25 | $152.0B | $68.6B | ||
| Q2 25 | $133.5B | $68.6B | ||
| Q1 25 | $128.2B | $68.5B | ||
| Q4 24 | $118.7B | $67.7B | ||
| Q3 24 | $120.3B | $67.6B | ||
| Q2 24 | $109.9B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.42× | 1.64× | ||
| Q3 25 | 0.44× | 1.75× | ||
| Q2 25 | 0.48× | 1.86× | ||
| Q1 25 | 0.50× | 1.91× | ||
| Q4 24 | 0.47× | 1.76× | ||
| Q3 24 | 0.46× | 1.79× | ||
| Q2 24 | 0.52× | 1.89× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $7.3B | — |
| Free Cash FlowOCF − Capex | — | $631.0M |
| FCF MarginFCF / Revenue | — | 10.1% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 15.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $7.3B | $2.2B | ||
| Q3 25 | $-990.0M | $2.5B | ||
| Q2 25 | $-820.0M | $2.3B | ||
| Q1 25 | $-1.4B | $2.2B | ||
| Q4 24 | $17.1B | $2.7B | ||
| Q3 24 | $-1.1B | $2.7B | ||
| Q2 24 | $-967.0M | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 22.7% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 28.4% | ||
| Q3 24 | — | 29.9% | ||
| Q2 24 | — | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 16.4% | ||
| Q3 25 | — | 15.2% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 15.83× | 1.20× | ||
| Q3 25 | -3.91× | 1.41× | ||
| Q2 25 | -4.56× | 1.24× | ||
| Q1 25 | -5.00× | 1.36× | ||
| Q4 24 | 115.81× | 1.51× | ||
| Q3 24 | -6.84× | 1.59× | ||
| Q2 24 | -4.76× | 1.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RGA
Segment breakdown not available.
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
